New Satyam Board to meet on Monday in Hyderabad

NEW DELHI: The government on Sunday nominated noted banker Deepak Parekh, IT expert Kiran Karnik and former SEBI member C Achuthan to Satyam Computer's Board, which will meet tomorrow at Hyderabad to chart out the future course of action.

"We will meet tomorrow at Hyderabad," HDFC Chairman Deepak Parekh told reporters.

Parekh along with Karnik, former Nasscom president, and Achutan was nominated to the board by the government in order to stabilise the fraud-devastated Satyam Computer Services.

Asked whether he would head the board, Parekh said, "Decision to this effect will be taken tomorrow when the board meets for the first time."

The newly appointed board members would be reaching Hyderabad tonight, he added.

Earlier during the day, Corporate Affairs Minister Prem Chand Gupta said, "The board is expected to meet within 24 hours and decide (the) further course of action."

According to the order of the Company Law Board, the reconstituted board of the IT major can have a maximum of 10 members.

The government on Friday disbanded the board of Satyam days after its founder B Ramalinga Raju admitted to a Rs 7,800-crore fraud in the books of the IT company.

Meanwhile, Satyam Computer Services today welcomed the reconstitution of the board, with the spokesperson saying, "This is a vital stabilising development for Satyam".

On demands from institutional investors like LIC and Lazard for representation on the Board, Gupta said, "All options are open in the interest of the company."

The board, he added, would have eminent personalities from finance, law, IT and administration, Gupta said. "Further appointments to the board may be made subsequently as required," he added.